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$3.65 million for Red Hill property

By johnboy - 23 September 2006 11

The Canberra Times has details of the record price ($3.65 million) paid for the Hillview property on Red Hill.

The deal would appear to confirm Bill Lyristakis, principal of Berkely Residential, as Canberra’s premier top flight real estate agent for all that he doesn’t seem to need extensive media campaigns to burnish his image.

What’s Your opinion?


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11 Responses to
$3.65 million for Red Hill property
pjreggard 7:52 pm 05 Mar 07

Not to mention two more sales reported in the canberra crimes today of 3.5 million for an awful o’malley style house in forrest and over 4m in red hill (I believe around 4.2) for a house on an average (for old red hill) sized block.

Even the north side had a sale approaching the 2 million mark!

Game, set and match I think..

pjreggard 6:19 pm 12 Dec 06

Further to my previous comment three sales of 3.05 million, 2.65 million and 2.5 million have recently been completed. When you add in the sale of a non waterfront apartment for 2 million and a unrenovated house on a (relatively small) block of 1500m for almost 2 million then you have to say the above sale looks reasonable value.

pjreggard 2:43 pm 16 Oct 06

Another couple of sales in excess of 2.5m in forrest & redhill are expected in the next month – a ‘standard price point’ has clearly been established snahon. Free market conditions are very much prevailing as the wealthy in canberra have done very well in the last 5 years & this is now starting to flow through into prices of premium real estate

snahon 1:59 pm 29 Sep 06

prices of this magnitude are typically free of market conditions (at least in canberra) so the price merely reflects the purchasers desire to be located in an ‘exclusive’ area of canberra. ie ‘standard’ price points are forgotten/ignored.

pjreggard 6:34 pm 27 Sep 06

People who want (& can afford) a nice house on a large private garden and dont want to live out in the sticks. Funny that you say ‘wastes’ indy – this property has returned almost 1.4m in 4 years for the owner. Perhaps you shouldn’t comment on a subject on which you are completely ignorant.

caf 4:45 pm 25 Sep 06

Embassy maybe?

VYBerlinaV8 4:35 pm 25 Sep 06

Indi – exactly. Alternatively buy 10 very basic 2-3 beddy homes and stick them all on the rental market!

Indi 4:32 pm 25 Sep 06

I’m curious as to just who wastes in the order of $3million here – harbour views, beachfront etc seem more worthy of such investment.

VYBerlinaV8 10:13 am 25 Sep 06

Its a good example of a free market. If someone wants to pay that much, let them. Personally I wouldn’t, but I have different priorities.

This segment of the market is quite small, volume-wise, so it’s not necessarily an indication of a wider market move.

pjreggard 6:21 pm 24 Sep 06

You idiot! Its only the houses in Old redhill (about 40 blocks only) – contained within the boundaries of monaro crescent, flinders way. mugga way & melbourne avenue – and forrest that have the top prices.

The rest of red hill, including the red hill shops area does not compare and is much more like the brereton st stuff you describe.

Meconium 2:33 pm 23 Sep 06

Although the houses in Red Hill and Forrest are surely nice places to live, why do they go for such ridiculous prices? One reason I wouldn’t consider living in Red Hill (which I’ll never be able to afford anyway) is the proximity of the flats behind the shops. No offense to anyone living in government housing, but I know that a number of people in those flats are thieves. I have a lot of friends in Red Hill, and spend time at their houses – last year, my car was stolen from outside a house on a quiet street near Red Hill Primary Oval. Earlier this year, I was at a mate’s place in Pelsart St, and we watched in awe as a trio of girls, whom I recognised as living in the Red Hill flats, were going down the street, into people’s driveways, seeing if their houses or cars were left unlocked!

My point is, I fail to see how Red Hill is such a hip place to live – what does it have that other suburbs don’t? Large properties that back onto the hillside? There are some damn nice houses on the other side of the hill in Garran too… personally I’d rather have one of those mansions with a view on top of Brereton St. Anyway, well done to whoever spent that much, hope everyone’s happy.

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